Do you want to open a U.S. bank account after LLC Company Registration in USA but don’t have an SSN? You’re not alone! We understand that this might seem like a challenging task. But, never mind, it’s an important step to streamline your business operations, build credibility among business partners, manage financial transactions, and grow your presence in the U.S. economy. You’re in the correct place, though, if you’re wondering how to proceed without a Social Security number. Let’s discuss it a bit more thoroughly.
Understanding the SSN and Its Alternatives
A Social Security number is a 9-digit number that is issued to US citizens and eligible residents for tracking their earnings and benefits. However, non-residents typically don’t own an SSN, but to open a bank account, you eventually should have access to alternatives like the individual taxpayer identification number (ITIN). So, it’s an alternative option for the SSN. Also, an ITIN is a tax processing number issued by the IRS to people who need a US taxpayer identification number but are not eligible for an SSN.
How to Get Access To U.S. Banking Without an SSN
1. First Things First – Get Your EIN
You must obtain your EIN after company registration in USA. This EIN is essential for your business for filing taxes, hiring employees, or applying for business licenses.
2. Gather Important Documents
You require company formation documents like Articles of Incorporation or Good Standing Certificate, Operating Agreement of the LLC to legally register your business with the government. Moreover, these documents generally have information related to your business type, business name, address, information about your agent, and the structure of your business.
You might also need an operating agreement, which is a kind of rulebook for how your LLC operates internally. It covers things like ownership percentages, member roles, profit-sharing, and what happens if someone leaves the business.
Also, for personal identification, you will require a valid passport and proof of address or your agent’s address.
3. Personal Research for USA Banks
Therefore, you will need to do some research on this. You can’t open a traditional bank account without an SSN in all US banks. Therefore, find out which banks permit non-residents to open accounts using an EIN or the other documents we listed above. You can visit the banks, call a few banks or get information from your registered agent regarding this. However, banks like Chase Bank accept ITIN, and Bank of America accepts alternative identification as well. Furthermore, PNC has additional alternatives in addition to accepting ITIN.
4. Explore Digital Banking Services
Platforms like Payoneer Mercury, and Wise make it easier for non-residents to open business bank accounts online. With just your ITIN, you can set up an account remotely. There is no need for in-person visits. Also, they usually ask for fewer documents compared to the traditional banking system and make the process quicker and more convenient
Conclusion
This information has clarified how to open a U.S. bank account in the United States without a Social Security number. Make sure you have all the required paperwork and have taken the time to research thoroughly as well.
Additionally, please contact E-startup if you need assistance with Company registration in USA. Our team is here to help entrepreneurs with tasks like licensing, taxation, company formation, irs filling, ein number and more. Get in touch with us now! Chat with experts on Whatsapp +971 55 488 4712
